While other MediaPost newsletters and articles remain free to all ... our new Research Intelligencer service is reserved for paid subscribers ...

Subscribe today to gain access to the every Research Intelligencer article we publish as well as the exclusive daily newsletter, full access to The MediaPost Cases, first-look research and daily insights from Joe Mandese, Editor in Chief.

'High Times' IPO Backed By 6,000 Investors

After making
initial moves to launch its IPO in June, High Times has announced that investors are backing the cannabis-focused content company.

High Times has cleared escrow
for $5 million from the SEC Regulation A+ filing.

“We have only recently started the process of offering our shares to the public, but to date, we have received support and
purchases from over 6,000 investors in our community,” stated Adam Levin, High Times CEO.

The company says it received backing from a large number of retail
investors the brand was looking to engage in June.

High Times took its first major steps to go public earlier this
summer with an “equity crowdfunding campaign” that allows investors to buy shares of the company at a discounted rate before it lists on the Nasdaq.

advertisement

advertisement

High Times
shares are set at a value of $11, a 10% discount from the anticipated opening price on the Nasdaq. The Reg. A+ filing has a $50 million cap.

“Given the fan base we created, it
is important we allow our loyal brand followers the opportunity to become equity owners of the company,” Levin said at the time.

The campaign gives investors an early
opportunity to participate in what will be one of the first cannabis-related stocks on the Nasdaq, and allows dedicated readers to own common stock in High Times' business. (Shares are
available for purchase at hightimes.com/invest.)

“It was important to me that this offering be open to anyone who wants to join this historic
moment, not just those with big brokerage accounts,” Levin added.

The 40-year-old company distinguishes itself as a business focused on media and events tied to legal cannabis
culture — it does not distribute cannabis or cannabis-infused products.

High Times, which has published a monthly print magazine since 1974, plans to use the capital
from the IPO to expand its publishing, events and licensing businesses, as well as invest in video and audio content and add product lines and brands.

Itmakes most of its
revenue from its events, such as its popular Cannabis Cup, one of the world’s biggest marijuana-focused trade shows. There will now be an “Investor’s Village” at the Cup, Levin
said.

The company also closed two acquisitions this year: It bought Green Rush Dailyin April, and
acquired Culture magazine from Southland Publishing, Inc.

High Times is extending its Reg. A+ deadline for investing in the IPO until October 31.